Allied REIT has entered into an agreement to purchase the Sun Tower, located at 100 West Pender Street in the trendy Crosstown area of Vancouver.
The Sun Tower is a heritage building with a gross leasable area of 81,590 square feet. The building was fully renovated and leased up in 2009.
Thind Developments’ proposal to rezone 2667-2703 Kingsway has approved by the City of Vancouver.
The site is being rezoned from C-2 to CD to allow 12-storey and 4-storey buildings with a total of 129 condos and retail at-grade with a total density of 3.8 FSR.
The site is located on the north side of Kingsway between Earles Street and Duchess Street, and is within the Norquay Village Neighbourhood Centre Planning program area. The site is comprised of eight parcels currently developed with an automotive repair business and a vehicle dealership.
The architect for the project is W.T. Leung.
Despite minor movements in price growth for single family homes in the City of Vancouver, there has been steady annualized growth of 12.6% since 2001. For example, while 2009 saw a decline in sales activity and prices dropping by approximately 4%, prices are now back up well above their previous 2008 peaks.
The average price of a detached single family home in the City of Vancouver has risen from $712,235 in 2001 to $2,336,634 as of July 2011.
Is this growth sustainable despite being inexorably unlinked to traditional metrics such as income and population growth?
Source: MLS